01677cas a2200241 a 4500 AALejournalIMF014090 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484322260 1018-5941 BD-DhAAL BD-DhAAL Taylor, Alan. External Imbalances and Financial Crises / Alan Taylor. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (18 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in excessive credit booms. We can use the lens of macroeconomic and financial history to confront these dueling hypotheses with evidence. The credit boom explanation is the most plausible predictor of crises since the late nineteenth century; global imbalances have only a weak correlation with financial distress compared to indicators drawn from the financial system itself. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2013/260 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/260/001.2013.issue-260-en.xml IMF e-Library